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Adani Group-owned Ambuja Cements announced the merger of its subsidiaries Sanghi Industries and Penna Cement Industries via a scheme of arrangement, aiming to consolidate its cement business.
Ambuja Cements, part of Adani Group, signed a binding agreement to acquire 100% of Penna Cement Industries Ltd (PCIL) at an enterprise value of INR 10,422 crore. The acquisition will be funded through internal accruals and adds 14 MTPA cement capacity.